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20110715
20110715
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that tim geithner and his chief economist, gene sperling, and jack lou were making one more big push for the big cuts republicans say they want. if they turn their back on those big cuts, the president is in the strongest position to say they are not living up to their principles. >> and there is no chance of them accepting any kind of big deal at all because the president is insisting that there be tax revenue increases in there. so the president knows that he is pushing something that they absolutely cannot agree to. so at this point, what the president does seem to be doing is what you just said, is making his position appear to be the one who wants to do the big move on deficit reduction, and forcing these republicans to back away from big deficit reduction, thereby, he hopes, neutralizing deficit reduction as an issue against him in the presidential campaign. >> well, look, he's talked about deficit reduction all the way through. but remember, it's not just his position here. it's 2/3 of the american public. we have a slew of polls here saying that 2/3 of the american people wan
to rein in big government spending and prevent tax increases. >> the majority of the house has to approve spending and that's tremendous leverage. we should use it. >> a political analyst says it has an impact on how far g.o.p. speaker john boehner can go in debt negotiation. >> the existence of the freshmen linked creditability to john boehner when he says there are not enough votes for tax increase. >> reporter: president obama is also feeling the pressure from the left flank saying that social security and medicare may need modification to sustain them for the future generation. >> if there is a reasonable deal to be had on it, one i'm willing to pursue. >> that got a strong pushback from nancy pelosi and other liberals. >> today, the democratic women of congress have come together to send a clear message. we must protect medicare and social security. we will not support cuts. >> reporter: if there are cuts to the program in a final deal, it will be a tough sell to the president with the liberal base, which sees itself as cardigan of the entitlement. molly henneberg, fox news. >> shann
the world cup final. >> big victory to talk about. >> that's it for us. "cnn newsroom" begins right now with kyra phillips. you have a busy morning. >> we do. a lot to talk about. it's 9:00 a.m. on the east coast and 6:00 a.m. on the west coast. thanks for joining us. >>> the nation's debt crisis. the clock ticks and pressure builds. the president tells the congressional leaders you have 24 hours or less to make something has been. >>> a top murdoch executive resigns this morning. rebekah brooks former head of the disgraced tabloid "news of the world" is gone. >>> in southern california, drivers buckling up for carmagedd carmageddon. a bridge demolition that will close down 405, one of california's busiest highways. >>> we begin with the resignation of a key executive in the rupert murdoch media empire. rebekah brooks is out. many people were outraged when brooks kept her job after the newspaper was shut down for scandalous reporting tactics. and as brooks steps down, the investigations ramp up. the fbi now investigating the murdoch empire right here in the united states. lawmakers dema
is a big question and when we should be jumping to conclusions about. >> giuliani is also a longtime friend of rupert murdoch. >>> now the nation's debt crisis and a new deadline. forget august 2nd. the president says it's decision time now. here is what he told congress. you've got 24 hours or less to move forward on a deal. and then there is this dire message from the big three global credit ratings agencies. if a deal isn't reached soon, they will downgrade the nation's credit standing. the president speaks to the american public today. a news conference less than two hours away from now. 11:00 eastern. we will carry it live. >>> let's get to the white house and dan lothian. what do we expect the president on say come 11:00? >> reporter: well, a senior administration official telling me the president will be explaining to the american people where they really are in this process, what he has asked congressional leaders to do, and how he is still pushing for the biggest deal possible. another white house aide telling me the president will continue in that press conference to make the case
36 hours will be crucial to decide if a big deal can win support from congress. >> everybody around the table agreed that there is not an option of allowing the debt limit not to be extended so that america does not default on its debt. >> what we have here is a lack of leadership from the white house on what we know is mathematically is necessary to fix this problem. >> we've look the at all available options and we have no way to give congress more time to solve this problem and we're running out of time. >> nbc's kristen welker is live at the white house. is there still hope for a deal? >> reporter: in many ways, it is. good morning to you, chris. president obama told congressional leaders it's decision time. he said we're going to take the day off for a meeting on friday, go back to your caucuses and then come back to me. talks right now are stalled, they've been dealing with the same issues. president obama saying he wants a large deficit reduction package, he says he'll come to the table over entitlement reform if republicans will come to the table for rolling back tax credits
amount as possible? >> they get a big of a deal. we will do it in a long term. >> it is a 1 month extension of the debt ceiling compared to doing it until 2012. >>, the risk is that you lose credibility in the markets about your willingness to experience a few did that, it would be important to send signals somehow that you have a plan. >> better to do it now than ever did in 2213 than a month at a time? >> thank you. >> thank you. thank you. i just have one question. in view is the largest holder of our treasury debt? is it the chinese government? is it the chinese institution? >> they have a lot of it. >> the reserve holdings is there. >> effectively, it became our debts and not paying this. we would be paying the chinese central bank. it would a probably raise the debt ceiling. there is used for the deficits that we face. we are trying to do that. ironically, when you do this, the irony and the priority is to the chinese central bank. it is lower on the pecking order. it would practically be seniors and social security recipients. that is the reality. >> the hearing record will
, adding jobs, and creating new opportunities. we are not seeing that, in part, because of the big overhang of foreclosed homes, which are weighing on prices. it is a vicious circle. people do not want to buy because prices are falling and prices are falling because people do not want to buy. there are a number of things we are doing. we are keeping mortgage rates globe. -- keeping mortgage rates low. this works to try to modify mortgages. i think it is worth looking at that area. one area where more work needs to be done is housing finance. we have not begun to clarify for the market out housing finance will be conducted in the future. another area i suggest he might think about is the overhang of distressed houses. for example, fanny, freddie, and the bank's own about half a million homes right now, which are basically sitting there on the market and which are pressing down prices and reducing appraisals and making the housing market much weaker than it otherwise would be. that is another area to look at. i agree with you that the housing market is, in some sense, the epicenter of the pro
Search Results 0 to 6 of about 7